US Public Debt Expected to Skyrocket, Reaching 181% of GDP in 30 Years
TL;DR Summary
The Congressional Budget Office projects that the US public debt will reach a record 181% of American economic activity by 2053, compared to a projected 98% at the end of this budget year. The higher debt load is a result of deficit spending and increasing dependence on debt to fund various programs. While annual deficits after 2042 are lower than previously forecasted, lawmakers will face constraints as spending increases, driven by healthcare and Social Security costs. Revenues are expected to increase after 2026, but the preservation of tax cuts and disagreements between the White House and GOP could lead to lower revenues than anticipated.
Topics:business#congressional-budget-office#deficits#economy#government-spending#tax-revenues#us-public-debt
- US public debt is projected to reach 181% of American economic activity in 30 years The Associated Press
- Federal debt to soar, CBO predicts, despite GOP-led spending standoff The Washington Post
- Fiscal Outlook ‘Challenging’ in Decades to Come, with Debt Set to Skyrocket, Says CBO National Review
- U.S. public debt burden to rise to 181% of GDP by 2053 CGTN
- The 2023 Long-Term Budget Outlook Congressional Budget Office
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